top

41 mortgage lenders have gone belly-up since late 2006

That’s up from 16 as of Dec. 2006. What more instructive example could there be of the boom-and-bust, greed-is-good, predatory nature of capitalism than this ongoing train wreck where millions will lose their homes as a few got wealthy?

Wall Street investment banks gorged themselves on the profits from junk mortgages sold to them by sleazy brokers who misled buyers. Now it’s blowing up in their faces. While some of the more obvious criminal of the mortgage companies will have executives going to prison, few if any of the investment bankers whose greed helped fuel the subprime debacle will serve time. So, you see, even in the world of finance, the class system exists.